IMF raises questions over measures to rein in fiscal deficit
IMF pondered over how the government aimed to achieve the projected fiscal deficit target of 5.1% when the development programme had been slashed severely
PM warns of disbanding FBR, terms performance unsatisfactory
PM expresses displeasure over the tax regulator's performance, states a new institution could be established for this purpose
Govt decides to segregate revenue collection and tax policymaking powers
A separate committee will be set up soon and notified to devise a tax policy and include tax experts on the board
Decrease in sales tax on petroleum products may cause Rs60 billion in losses
To shield the end consumer from the full impact of rising oil prices, the government has been reducing sales tax which according to tax authorities estimates a sharp decrease of 46 percent in revenue collection in November 2018
Customs Today: the fake news portal used to threaten global shipping companies in Pakistan
A group of toy importers has taken to planting untrue stories on a news website in a bid to blackmail major shipping companies into cooperating with their tax evasion scheme
FBR to brief PM about administrative measures to boost revenue collection
The tax regulator has projected Rs37 billion in tax demand from an audit of high net-worth individuals
WHT collection from non-cash banking transaction plunge 14% in July-Sep FY19
The decline was attributed to measures were taken by the government to encourage the declaration of assets and filing of yearly returns
Legit manufacturers demand govt to restrict sale of illicit cigarettes
Most of these illicit cigarettes having approximately 35% market share are produced in Azad Kashmir and Khyber-Pakhtunkhwa claimed the stakeholders
FBR’s revenue collection rises 6.7% YoY, misses target by Rs100 billion for July-October FY19
Tax receipts for the month were recorded at Rs273 billion, which was 1.1% or Rs3 billion higher than in the same month last year (SMLY)
Britain to target online giants with new ‘digital services tax’
Britain said it would tax the revenue that online platforms such as Google, Facebook and Amazon make in the country to update...
FBR deprives hundreds of overseas Pakistanis from availing tax amnesty scheme
A circular issued by the FBR on October 24th effectively deprives those overseas Pakistani's from availing the benefits of the tax amnesty scheme who had declared their foreign assets worth Rs155 billion
Government after gap of 1.5 years reinstates DGII powers to probe tax dodgers
In a judgement of the Lahore High Court (LHC) in July 2017, the statutory regulatory order (SRO) 116, which permitted the DGII to carry out an investigation into sales tax evasion was declared unlawful
Customs court directs recovery of Rs63m in evaded taxes
According to sources in the Customs, these three importers were regularly erroneously declaring the description of toys in the past to avoid payment of actual taxes on their imports
NAB widens investigation into lower tax collection from tobacco sector
The introduction of the three-tier tax system for the tobacco industry resulted in a massive fall in tax revenue collection of Rs33 billion, which is a major contributor to the public exchequer
Rs182 billion additional tax set to be levied
Additional customs duty on approximately 6,000 items is expected to be raised from 2% to 3% via the tax regulators recommended SRO, which will raise an additional revenue of over Rs50 billion for the FBR, sources said